流通转让

也将为国有资产流通转让提供重要的定价依据。

At the same time , it will provide important pricing basis for the circulation and transfer of state-run assets .

但是由于传统民法理论认为：货币是属于财产权的范畴，其流通转让是财产权利的让弃。

But because in accordance with the traditional civil law , the monetary belongs to the category of property rights , and circulation and transfer is to abandon property rights .

以持票人为收款人之汇票，凭交付而构成流通转让。

A bill payable to bearer is negotiated by delivery .

为达成流通转让目的，背书必须符合下列条件

" An indorsement in order to operate as a negotiation must comply with the following conditions , namely & "

从流通转让来说，空白票据的必要记载事项欠缺仍能够进入流通领域，参与交易活动。

Negotiable necessary to inadequate recording of blank bills are still able to enter the circulation , to participate in trading activities .

本规定所称境外上市，是指股份有限公司向境外投资人发行的股票，在境外公开的证券交易场所流通转让。

In these Regulations , listing overseas means the transferring of shares issued to investors overseas by companies limited by shares on overseas public securities exchanges .

我国立法尚未对抵押权证券化做出具体规定，抵押权证券化即是将抵押权制成抵押证券，使之可以发行流通转让，具有投资融资抵押功能。

Our country has not regulated the securitization of hypothec right specifically , it refers that hypothec mortgage securities can be circulated , having financing mortgage function of investment .

除本条例另有规定外，凡见票后付款之汇票流通转让，执票人应在合理期间内作承兑提示或作流通转让。

Subject to the provisions of this Ordinance , when a bill payable after sight is negotiated , the holder must either present it for acceptance or negotiate it within a reasonable time .

除非背书上所载之日期在汇票到期日后，每次流通转让应在表面上视为在汇票过期以前所为。

Unless the endorsement on the date set out in the bill due date , each flow of the transfer should be regarded as bills of exchange on the surface as previously expired .

除本法另有规定外，见票后付款之汇票在流通转让后，持票人必须提示承兑或在合理时间内流通转让。

Except as otherwise provided in this Law , see the votes for payment of bills in circulation after the transfer , ticket holders must be prompted to accept or within a reasonable time nontransferable .

凡在一个国家开立之汇票在另一国家流通转让、承兑或支付，汇票各当事人之权利、义务及责任应决定如下

" Where a bill drawn in one country is negotiated , accepted , or payable in another , the rights , duties , and liabilities of the parties thereto are determined as follows & "

做市商作为连接债券买卖双方的中介机构，是债券流通转让的市场实现条件，也是市场发育成熟以至正常运行的关键。

As the medium of connecting buyer to the seller of the bonds , market maker not only helps realize the exchange of the bonds , but also helps the bond market develop and run normally .

票据是指由出票人签发的，无条件约定自己或委托他人支付一定金额，可流通转让的有价证券，它具有无因性、文义性、要式性等显著的特点。

Negotiable instruments means the valuable securities signed and issued by the drawer , who agrees itself to or authorizes the drawee to pay unconditionally a sum certain in money . They have such traits as noncausality , literalness and formalization .

如汇票由一人转让与另一人，以致承让人成为该汇票之执票人时，该汇票即属流通转让。我们建议以见票30天付款的汇票承兑交单方式付款。

A bill is negotiated when it is transferred from one person to another in such a manner as to constitute the transferee the holder of the bill . We propose to pay by Bill of Exchange at 30 d / s , documents agaist acceptance .

上市公司非流通股转让价格分析

The Analysis on Transfer Price of Chinese Listed Firms

通过对绩优公司、业绩一般公司和壳公司的转让价格进行回归分析，运用回归法对非流通股权转让定价提供参考。

After regression analyzing the transfer price , we can give some reference to the transfer price of the non-tradable shares using the regression method .

通过对沪深股市自1993年发生的全部非流通股权转让案例的研究，运用统计分析的方法找出适合评价转让价格水平的溢价指标（资产指标、收益指标、收入指标和股价指标）。

After statistical analyzing the cases of non-tradable shares transferring , we find some indicators to show the premium level including equity indicator , profit indicator , revenue indicator and stock price indicator .

本文试图研究如何衡量转让溢价，转让价格与哪些因素有关等相关问题以便为非流通股权转让定价提供参考。非流通股权定价主要有净资产法和利益权衡法。

How to evaluate the premium of transfer price , what is the key factors to determine the transfer price and how to price the non-tradable shares reasonably are the main topics in this paper .

本文的研究表明，在非流通股转让过程中引入认股权证，可以保证非流通股转让顺利完成，降低非流通股的转让成本，提高金融市场配置资源的效率。

The research in this thesis shows that , introducing warrants while transfer non-liquidity shares can insure the complete of the transfer , reduce the transfer price , and improve the efficiency of the capital market .

上市公司非流通股协议转让定价问题研究

Research on the Pricing Problem of Non-tradable Stock Transfer of Listed Company

非流通股协议转让的市场效率研究

The Market Efficiency Research on Noncirculating Stock Negotiated Transition

中国上市公司利益输送行为研究&基于非流通股协议转让与限售股转让的证据

The Study of Tunneling in China 's Listed Companies & Evidence from the Non-Tradable Shares Transfer and Restricted Shares Transfer

本文以我国上市公司非流通股协议转让为研究对象，探讨非流通股的定价问题，全文共分为五个部分。

This paper is the research on non-tradable shares of listed companies of china to explore the pricing of non-tradable shares . the text is divided into five parts .

该股份已经以本协议第4（D）条的规定，以每股为单位计算价格，向“公司”发出股权转让要约上市公司非流通股协议转让定价问题研究

The shares of stock have been first offered to the corporation at a price computed on a pro rata basis according to Section 4 ( d ) of this agreement Research on the Pricing Problem of Non-tradable Stock Transfer of Listed Company

流通公债，可转让债券可转换股的债权股额

Negotiable bond convertible loan stock

随着非流通股份的自由转让与通畅流通，原非流通股股东的利益实现方式与市场的关联性越来越直接。

With the free transfer of non-tradable shares and the smooth flow of the original non-tradable shareholders and the market to achieve relevance means more direct .

接着又选取了拟影响被解释变量的解释变量：盈利能力变量；流通股比例；转让股权与流通股的比例；现金流权与控制权的分离率。

Then it selected explained variables : profitability variables , Distribution Unit ratio , transfer of shares outstanding shares of the ratio of cash flow and the right to control the separation rate .

由于非流通股和流通股在转让中的定价机制不同，给收购带来很大不便。

Different share pricing systems for quoted and non-quoted stocks result in a lot of difficulties for stock acquisition .